Klarna, the global digital bank and flexible payments provider, reported first quarter 2026 results. GMV reached $33.7 billion (+33% YoY), revenue $1.0 billion (+44% YoY), transaction margin dollars $389 million (+44% YoY), and adjusted operating profit $68 million, up from $3 million a year ago. Klarna is now live with over a million merchants, up 49% year-over-year.
„Klarna addresses the entire consumer wallet: Pay Now for everyday spending and saving, Pay Later our charge card equivalent at 0% interest for mid-size ticket spending, and POS installments (Fair Financing) for big-ticket purchases. In Q1 we executed well across all the business, driving every line of our P&L and compounding growth across our global network. Growing network. Same three products. Deeper consumer engagement.” – says Sebastian Siemiatkowski, CEO & Co-Founder, Klarna.
Q1 2026 Highlights
. GMV: $33.7 billion (+33% YoY); U.S. +39%, ex-U.S. +31%
. Revenue: $1.0 billion (+44% YoY)
. Transaction Margin Dollars: $389 million (+44% YoY)
. Adjusted operating profit: $68 million, up from $3 million a year ago
. Operating income: $17 million versus a loss of $(90) million in Q1 2025
. Net income: $1 million versus a net loss of $(99) million in Q1 2025
. Provisions for credit losses: 0.55% of GMV versus 0.54% in Q1 2025
. Active consumers: 119 million (+21% YoY)
. Merchants: 1 million+ (+49% YoY)
Consumers using Klarna more
Active consumers reached 119 million (+21% YoY), and the depth of those relationships is growing as consumers use more services over time. The cohort that first used Klarna in 2022 generated $12 in annual revenue per consumer in their first year; that same cohort stands at $52 today.
The Klarna Card has reached five million active users across 16 countries, taking Klarna into everyday spending beyond the online checkout. Consumers continue to choose predictable, transparent options for their big-ticket purchases, driving Fair Financing GMV growth of 138% year-over-year. In January, Klarna launched peer-to-peer payments across 13 European countries, further deepening the account product.
Discipline that scales
Revenue per employee reached nearly $1.4 million, four times the 2022 level, with Q1 revenue growth continuing to outpace operating expenses. That same discipline extends to credit, built over 20 years and $0.5 trillion underwritten, with short loan durations allowing Klarna to re-underwrite each transaction in real time. A $2 billion forward flow facility put in place in Q1 supports $17 billion of U.S. financing capacity, with ample runway to sustain Fair Financing’s growth trajectory.
Outlook
For the second quarter, Klarna expects: GMV of $35.5bn to $36.5bn, Revenue of $960m to $1,000m, TMD of $375m to $395m and Adj Op Income of $30m to $50m.
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